FINANCIAL CROSSROADS

CONTINUED FROM LAST WEEK

Members would have read in the press a statement of mine which was published on Saturday, the very day on which the financial secretary delivered his budget speech. In that statement, I did make a point that there is no cause for alarm about the future of this country, that is, speaking economically and financially, and that the future will be what the leaders of this country choose to make it.

The substance of the closing portion of the financial secretary’s speech is precisely what I myself had said. And I still hold, Sir, that there is no cause for alarm as to the future. What we have to guard against are misguided efforts in an attempt to solve the economic problems of this country, and also the vote-catching tactics of many politicians in this country, whereby they attempt to scare the people in regard to anything that savours of taxation whether direct or indirect. Now, I have spoken of misguided efforts in an attempt to solve the economic problems of this country. It will be a misguided effort indeed if any leader of opinion in this country were to imagine that the cure to our economic ill is large-scale industrialization. In my first budget speech in this House I made that same point and I make bold to repeat it two and a half years thereafter, particularly at this last meeting of this honourable house. I believe very firmly that the appropriate course to be adopted by the people of this country is to develop their agriculturals economy to the largest extent possible and then to embark on such limited industrialisation as is compatible with that agricultural expansion. Another misguided effort on the part of politicians in this country would be to imagine that another cure to the economic problems of this country would be an open invitation to foreign investors. I have heard foreign investors themselves say ‘The money is not all that available and that nobody should talk about the influx of foreign investment into the country.’ But we happen to know from the activities of these foreign investors that they are very keen on taking their investment abroad for the exploitation of the resources of those countries, I think, sir, that it would be a tragedy if we were to mortgage the future for the present. Of course, a politician may think only of the present but a statesman has to think not only of the present but of the future generation. It would be disastrous if we were to allow foreign investors to get themselves entrenched in some of the most important aspects of our economy because experience shows that once they get themselves entrenched in some of the most important aspects of our economy, no native can compete in that particular field. I will not waste your time, Mr. President, sir, in citing examples. I again re-emphasise that there is no cause for alarm as to the future. The vast and unexpected resources of this country have only been scratched on the surface and a country such as ours simply cannot fear the future. We are like a young man just growing. Well, he cannot fear the future unless he chooses to be indolent when he grows up or chooses not to apply his brains properly. But if we choose to apply our energy properly I cannot see any fear at all as to the future. I agree that a sudden slump might arise which will affect the entire world but as I said in another place, that is an ill wind that blows no man any good. And in such circumstances it will be the survival of the fittest and I can say, Sir, that we can regard ourselves as belonging to that class of the fittest, because our potentialities are great and at the moment inexhuaustible.

I refer to the vote-catching technique of some politicians in this country whereby they scare people about anything that savours of taxation. Now, allegations have been made against various politicians in this country that they have misled people into thinking or believing that they do not need to pay tax before they get all the amenities they want. I would like to point out, sir, that these allegations had been denied in the past and it is very interesting and illuminating, Mr. President, sir, to look at the statistics of local government revenues which are contained at page 13 of the Digest of Statistics Volume 3 No.3, July, 1954. With your permission, Mr. President, sir, I shall refer to certain items therein. From the years 1947 to 1952 all the Native Authorities combined in each of the Regions in this country have shown increases in their revenues: but it is significant that whilst the Northern and western region native authorities continue to show increases up to the present moment, it just happens that in that part of the country, the Eastern Region, where politicians have been accused of scaring people about taxation, the revenues of the Native Authorities have been falling! I quote:

In 1951, that is 31st March, 1951 the revenue of the Northern Region Native Authorities is £3,379,000. In 1952, 31st March, again, Northern Region £4,520,000. Northern Region again, 31st March, 1953, £5,086,000. Northern Region, 31st March, 1954, £5,643,000.

WESTERN REGION

31st March, 1951 £1,464,000

31st March, 1952 1,665,000

31st March, 1953 1,969,000

31st March, 1954 2,134,000

EASTERN REGION

31st March, 1951 £1,061,000

31st March, 1952 £1,135,000

31st March, 1953 £996,000

31st March, 1954 £993,000

And so it goes to show the effect of irresponsibility of certain politicians in this country by creating scares about payment of tax. And I repeat that the future is going to be what we make it. I do not want to inflict upon this honourable house, Mr. President, a long speech and I would therefore wind up by saying that we, on the threshold of this new Constitution, are on the cross roads; there is that broad, smooth road, with promises of no-taxation, and efforts to get money from other places, leading nowhere but to perdition, poverty, disease and economic enslavement; and there is the other road – people who go therein pay tax. They also have to apply self-help and self-sacrifice to get where they want. But this road, Mr. President, leads to success, to prosperity and to the exploitation of our natural resources by the people of this country.

CONTINUES NEXT WEEK

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